Refer to the financial statements of Rainmaker Entertainment Inc. (Rainmaker) on MyAccountingLab, and answer the following questions.
Question:
1. Which amortization method does Rainmaker use for property, plant, and equipment for the purpose of reporting to shareholders and creditors in the financial statements? What rates are used? Where did you find your answer?
2. What was the total amount of depreciation and amortization expense for fiscal 2011? For fiscal 2010?
3. What types of intangible assets does Rainmaker have listed on the 2011 financial statements?
4. Explain the conditions that might result in an impairment of non-financial assets. Use the notes in Rainmaker's financial statements.
5. What is a "CGU"? Use the notes in Rainmaker's financial statements.
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Req 1 Amortization method used for financial statements From Note 1fSignificant accounting ...View the full answer
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Related Book For 
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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